Chuck E Cheese Entertainment, the parent company of Chuck E Cheese, has reported net earnings of $33.9m for the first quarter ending April 4, 2010, compared with net earnings of $34.1m in the first quarter of 2009.
Total revenues decreased 0.7 per cent to $246.3m during the first quarter of 2010 from total quarterly revenues of $248.1m in the first quarter of 2009. This decrease is primarily due to the effect of one additional operating week in the company’s 2009 fiscal year that caused the seasonally strong first week of the 2010 calendar year to shift into the fourth fiscal quarter of 2009. First quarter 2010 comparable store sales on a same calendar week basis grew 0.7 per cent.
Michael Magusiak, president and CEO, was quoted in RePlay magazine as saying: "We’re relatively pleased with our comparable store sales performance in the first quarter of 2010. As we move forward, our outlook for the business is best characterised as one of cautious optimism. The consumer environment remains uncertain, but we believe our strategies are solid. We are pleased with the results realised from our capital initiatives, our continued focus on birthday party sales, school and non-profit fundraisers, and our recent changes to our pricing and coupon strategies. We intend to build upon these proven and successful initiatives to further improve our future comparable store sales performance."
